Honda Cars India Ltd (HCIL) has announced that it will launch its first electric vehicle (EV) for the Indian market by 2025. The EV will be an SUV based on the Honda Elevate, which was unveiled at the 2023 Japan Mobility Show. The Elevate is a futuristic concept vehicle that can change its shape and adapt to different terrains and situations.
The EV for India will be developed at HCIL’s plant in Tapukara, Rajasthan, which will also be the global production hub for the Elevate. The plant will undergo retooling and capacity expansion to accommodate the new EV line, along with the existing models of Amaze, City and Elevate.
Investment and growth plans for India
HCIL has confirmed that it has earmarked an additional investment for the new EV and future EVs, but has not disclosed the specific amount. HCIL president and CEO Takuya Tsumura said that the company is committed to pushing forward its electrification strategy in India and globally.
Tsumura also said that HCIL aims to grow by 35 percent by the end of the year, and that it will launch at least one new model every year. The next launch is expected to be a new iteration of the Amaze compact sedan in 2024.
Export potential of Tapukara plant
The Tapukara plant is currently HCIL’s only functioning plant in India, as the Greater Noida plant was shut down in late 2020. The plant has available capacity to produce more models, and HCIL plans to use it as an export base for the Elevate and the EV.
The Elevate and the EV are expected to be global models that will cater to many markets around the world. HCIL already exports the City and Amaze to some countries, but the Elevate and the EV are likely to add to the brand’s ambitious export volumes.